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Cyber attacks are on the rise and show no sign of slowing down. As companies grow and expand they need to be aware of the potential risks and vulnerabilities to ensure the security of their assets and data. Due diligence is the process of assessing potential vulnerabilities and risks. In the context of cybersecurity it is the process of thorough research and evaluation of third-party partners, vendors and acquisitions, as well as ensuring that they follow the company’s security standards.
Due diligence is the practice of exercising the same level of care as a prudent person or business would do in similar situations. In the context of cybersecurity it is the company’s ongoing efforts to maintain their security posture and to protect against data breaches. Documenting security policies, taking measures to safeguard data and monitoring residual risks are all a part of this. It is also crucial to keep up-to-date with industry and legal standards, such as HIPAA, GDPR and ISO 27001.
Due diligence also requires that organizations take steps to reduce and understand risk from third parties in their supply chain. This can be accomplished through the development of a program for managing vendors that includes assessments and monitoring of risks posed by third parties. It is essential to establish clear expectations for vendors to ensure they adhere to the guidelines and policies.
It is also essential to keep an eye on the dark web an online community that is closed where cybercriminals exchange data and attack methods. Monitoring the dark web can help organizations enhance their incident response plans and make them more resistant to cyberattacks.
